Several listed companies are in the spotlight today owing to fresh agreements, MoUs, acquisitions, and regulatory updates. Here’s a roundup of the latest developments from corporate India:
Defence & Shipping Sector Moves
Swan Defence Signs Rs 4,250 Crore MoU with Gujarat Maritime Board
Swan Defence has signed a memorandum of understanding (MoU) with the Gujarat Maritime Board to invest Rs 4,250 crore. The agreement aims to jointly explore and finance maritime projects, including newbuilds, ship repairs, and infrastructure development through a maritime-focused equity fund.
Garden Reach Shipbuilders Expands Partnerships
Garden Reach Shipbuilders signed multiple MoUs with strategic partners in shipbuilding, port, and infrastructure sectors. Additionally, the company entered an agreement with Carsten Rehder Schiffsmakler Und Reederei GmbH & Co KG for the construction of hybrid multi-purpose vessels worth $62.4 million.
Shipping Corporation Joins Hands with Oil & Gas Majors
Shipping Corporation of India has inked an MoU with BPCL, HCPL, and IOCL to jointly acquire, own, operate, and manage vessels, boosting its fleet and logistics capabilities.
Infrastructure & Construction Updates
NBCC-HUDCO Collaboration
NBCC has signed an MoU with HUDCO for the development of commercial plots worth Rs 117 crore at Kaushambi, Ghaziabad.
Ceigall India Emerges Lowest Bidder for Rs 1,700 Crore Project
Ceigall India became the lowest bidder for a large-scale solar photovoltaic project with battery energy storage systems (BESS) in Madhya Pradesh.
PNC Infratech Bags Rs 495.5 Crore Project
PNC Infratech received a letter of acceptance from the Bihar State Road Development Corporation for a Rs 495.5 crore road project.
Ashoka Buildcon Project Foreclosed
Ashoka Buildcon and Serneke International mutually decided to foreclose their drinking water supply project in Ivory Coast due to contractual considerations.
Energy & Renewable Focus
Shakti Pumps Secures Rs 703 Crore Order
Shakti Pumps bagged an order worth Rs 702.69 crore to supply 25,578 off-grid solar pumping systems under Maharashtra State Electricity Distribution Company’s scheme.
Crompton Greaves Wins Solar Pumping Project
Crompton Greaves has received a letter of award from Madhya Pradesh Urja Vikas Nigam for solar photovoltaic water pumping systems.
Oil India Joins JV for 1.2 GW Renewable Projects
Oil India entered a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam for developing 1.2 GW renewable energy projects in Rajasthan.
Powergrid Declared Successful Bidder
Powergrid Corporation has been declared successful bidder under tariff-based competitive bidding for augmentation of transformation capacity projects.
Banking & Financial Services
ESAF Small Finance Bank to Raise Capital
ESAF SFB will raise funds via preferential issue, QIP, and other means. The bank also plans to amend its memorandum of association to increase authorised capital to Rs 1,000 crore from Rs 600 crore.
Fusion Finance Receives Strong MFI Rating
Fusion Finance announced that it has been assigned an ‘MFI 1’ rating, signifying the highest capacity to manage microfinance operations sustainably.
Algoquant Fintech Gets SEBI Nod
Algoquant Fintech secured SEBI registration to act as a participant with Central Depository Services.
Manufacturing & Industrial Updates
Somany Ceramics Signs Pact with GAIL
Somany Ceramics signed a natural gas supply agreement with GAIL for its Kassar plant. The facility has now scaled up operations to full capacity utilisation.
Hariom Pipes Plans Steel Plant in Maharashtra
Hariom Pipes entered into an agreement with the Maharashtra Government to set up a steel plant in Gadchiroli.
Trident Updates on Rs 519 Crore Tax Demand
Trident issued an update regarding tax demand proceedings worth Rs 519 crore for FY2018-19 and FY2020-21.
RattanIndia Wins Against REC Petition
NCLT dismissed a petition filed by REC against RattanIndia, ruling that Redeemable Preference Shares do not qualify as financial debt.
Pharma & Healthcare
Aurobindo Pharma Completes Clinical Study
Aurobindo Pharma’s arm successfully completed a pivotal clinical study of its denosumab biosimilar against Prolia in a trial involving 446 postmenopausal women with osteoporosis.
Laxmi Dental Expands Stake in IDBG AI Dent Global
Laxmi Dental acquired 49% equity and 9% compulsorily convertible preference shares in IDBG AI Dent Global.
Technology & IT Services
Redington’s Subsidiary Transfers Vodafone Agreement
Redington’s step-down subsidiary, Arena Bilgisayar Sanayi, executed a deal with Datagate Bilgisayar Malzemeleri to assign a Vodafone device distribution and supply agreement valued at $8 million.
Netweb Tech Wins Rs 450 Crore Order
Netweb Technologies received a large order worth Rs 450 crore for the supply of Tyrone AI GPU-accelerated systems.
Firstsource Solutions Confirms No H-1B Impact
Firstsource Solutions clarified that restrictions on the H-1B visa programme will not affect its operations, as the company has zero dependency on H-1B visas.
Real Estate & Investments
Brigade Enterprises Attracts Rs 126 Crore Investment
Brigade Group’s twin towers project secured an investment of Rs 126 crore from Manipal Group.
Godrej Consumer Invests $85 Million in Africa Arm
Godrej Consumer Products invested $85 million into its subsidiary, Godrej Mauritius Africa Holdings, strengthening its global footprint.
Corporate Legal & Regulatory Updates
Dee Development Tariff Dispute
Dee Development faced regulatory proceedings as the Punjab Electricity Regulatory Commission established PSPCL’s tariff pact. The matter is scheduled for further hearing on November 6. The company also filed an appeal before the Punjab & Haryana High Court challenging a review petition order.
Atul Auto Settles Trademark Suit with ExxonMobil
Atul Auto and its subsidiary settled a trademark infringement suit with ExxonMobil in the Delhi High Court, which disposed of the case after settlement.
NDTV to Acquire GoodTimes Channel
NDTV’s board approved the acquisition of the ‘GoodTimes’ channel from Lifestyle and Media Broadcasting for up to Rs 18 crore.
Consumer Products & FMCG
IRCTC Cuts Rail Neer Prices
The Ministry of Railways approved a revision in Rail Neer bottled water pricing, reducing the maximum retail price (MRP) by Rs 1.
Amber Enterprises Expands Electronics Portfolio
Amber Enterprises’ material subsidiary, JIN Electronics (India) Pvt Ltd, acquired a 100% equity stake in ILJIN Holding Ltd., strengthening its consumer electronics manufacturing base.
Gujarat Narmada Plant Incident
Gujarat Narmada reported a leakage at its TDI-II plant in Dahej. Operations will resume after necessary checks and remedial measures.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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